Oger to pay TT balance in 2006

6 Mar 2006

Saudi based investor Oger has announced that it plans to pay off the balance of its debt from the purchase of a 55% stake in Turk Telekom in 2006. Oger paid USD1.31 billion of the USD6.55 billion purchase price, up front. Its agreement with the government gives it the option of paying the remainder in five equal instalments, at an interest rate of 2.5%. Oger hopes to speed up this repayment plan by taking loans from a number of private banks including ABN Amro.

Turkey, Turk Telekom